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Gold/Mining/Energy : Royal Oak-RYO -- Ignore unavailable to you. Want to Upgrade?

To: roger fontaine who wrote (636)	1/15/1998 6:08:00 PM
From: Little Joe	Read Replies (1) \| Respond to of 1706

Roger: sounds ominous. What are your thoughts. Live long and prosper, Little Joe

To: roger fontaine who wrote (636)	1/29/1998 12:38:00 AM
From: roger fontaine	Read Replies (1) \| Respond to of 1706

Draws Funds from Senior Secured Financing Royal Oak Mines Inc. (TSE and AMEX: RYO) announced today that it has drawn down funds from the previously-announced US$44 million senior secured financing. Last week, the Company received consents acceptable to the senior lenders from a majority of the aggregate amount of its Senior Subordinate Note holders. Margaret Witte, President and Chief Executive Officer of Royal Oak, said: "We sincerely appreciate the continuing support of our Senior Subordinate Note holders, and their consent to the latest financing will enable us to complete construction and start-up of our Kemess gold-copper mine in April of this year." "We also acknowledge the financial support of the government of British Columbia during the construction phase of the Kemess Mine. We have recently received the final payment of C$17.6 million from the government for this phase of the project. The government will be providing a further C$12 million over 12 years when the mine is operating," Margaret Witte added. Margaret Witte concluded: "We are excited that we are now so close to the opening of Kemess, our core asset that will be the springboard for the future growth of Royal Oak. We look forward to an improvement in gold and copper prices, and to a revaluation of the Company in the capital markets that will reward our supportive shareholders and bond holders."